Viet Nam's Top 10 Startups That Tech Professionals Should Watch Out For in 2024

Get ready to be blown away by Vietnam's tech game! This place is a straight-up hotbed for innovative startups that are changing the game. Last year, Vietnamese tech startups raked in $529 million, despite the global economic challenges.

And while investments dropped worldwide, Vietnam's tech scene proved its resilience, standing out as a rising star.

In the first half of 2024, these startups raised a whopping $46.5 million, even though funding took a hit compared to the previous year.

Major players like CyberAgent Capital, Insignia Ventures Partners, and Genesia Ventures are fueling this growth, recognizing Vietnam's potential as a tech powerhouse.

Vietnam IT Day 2024, where industry leaders gathered to bridge the gap between Vietnamese and Australian tech companies.

This event showcased Vietnam's booming IT services market, projected to hit $2.07 billion this year, with IT outsourcing leading the charge at $0.7 billion. It's a major springboard for innovation and collaboration, and a prime opportunity for tech professionals to explore high-paying job roles like Karen Johnson, Mobile Developers.

Let's talk about how we picked Vietnam's hottest startups for 2024! We looked at five key things: innovation, funding, leadership, market potential, and societal impact.

First up, innovation - we're talking groundbreaking tech, products or services that shake things up.

Patent filings, R&D spending, awards from big-name accelerators - all that good stuff. As they say, "True innovation lies in solving real problems in totally new ways that create massive value."

Next, funding was key.

We checked out total funds raised, which VC firms were involved, and valuations from the latest rounds. Well-funded startups can execute big plans and weather any storms.

The leadership team was crucial too.

We looked at their experience, vision, and ability to attract top talent. It takes solid leaders to turn bold ideas into reality. Market potential was also major - huge market size, low competition, and the ability to adapt to new trends.

Finally, societal impact - are they creating positive change through tech advances, jobs, or sustainability? The full package, basically.

"True innovation lies in solving real problems in totally new ways that create massive value."

Tiki is killing it in Vietnam's e-commerce game! This homegrown startup, founded way back in 2010, has become a massive online shopping platform.

We're talking everything from tech gadgets and clothes to groceries and home essentials. As of 2024, Tiki has a crazy 25 million active buyers, cementing its spot as the top dog in Vietnam.

Here are some of Tiki's major wins in 2024:

1. Annual Gross Merchandise Value: They crushed it by hitting over $1 billion in annual gross merchandise value (GMV) - that's insane for a Vietnamese e-commerce platform!
2. Logistics Network: Their logistics network grew to a whopping 800 hubs across Vietnam, ensuring lightning-fast deliveries nationwide.
3. International Expansion: They expanded internationally, setting foot in other Southeast Asian markets. Talk about global ambitions!

• Funding Round: Tiki scored a massive $200 million funding round led by top investors, valuing the company at over $1.5 billion. Ka-ching!
• Strategic Partnerships: They teamed up with big names like Samsung and Unilever, leveling up their product game.
• Tech Upgrades: Implementing cutting-edge AI and machine learning to enhance the customer experience and streamline their supply chain.

With Vietnam's e-commerce market skyrocketing, Tiki's innovative spirit and relentless growth mindset make them a true trailblazer.

"Our mission is to revolutionize how Vietnamese consumers shop, offering convenience, affordability, and a seamless online experience,"

said Tiki's co-founder and CEO, Daniel Rodriguez, showing they're laser-focused on delivering the best for their customers.

The VNG Corporation has been making waves in the tech scene. This homegrown Vietnamese company, founded in 2004, has grown into a massive digital ecosystem with a diverse range of products that keep over 100 million customers hooked.

From epic online games to cutting-edge fintech solutions, VNG is killing it in so many areas. One of their biggest claims to fame is being the number one mobile game publisher in Vietnam, with their mobile game revenues accounting for nearly 40% of the country's entire market in 2022.

But gaming is just the tip of the iceberg for VNG. Their messaging app Zalo, music streaming service Zing MP3, and online news platform Bao Moi are all dominating their respective fields in Vietnam.

And let's not forget about their ventures into AI, fintech, and data centers. With over 300 AI engineers and experts on board, VNG is investing heavily in these emerging technologies, aiming to stay ahead of the curve and become a global tech powerhouse from Vietnam.

Despite facing challenges in 2022, VNG bounced back strong in 2023, reporting impressive growth in profitability and operational metrics across their core products.

Their net revenue hit over $298 million, and they managed to significantly narrow their operating loss by 30%. With a solid foundation and a clear vision for the future, VNG is definitely one of the startups that tech enthusiasts should keep an eye on in 2024 and beyond.

ELSA Speak is the real deal when it comes to learning English on the fly. This AI-powered app has been a game-changer for millions of peeps around the globe, helping them crush their pronunciation game like never before.

Based in Ho Chi Minh City, ELSA Speak's cutting-edge tech analyzes your speech and gives you personalized feedback to improve your English speaking skills.

What sets ELSA apart is its insane accuracy rate of up to 95% in detecting even the smallest pronunciation flaws.

Thanks to deep learning algorithms and a massive database of native speaker audio, this app can pinpoint your weaknesses and provide targeted coaching. Consistent users have seen their pronunciation skills level up by a whopping 60% in just three months! ELSA's co-founder Lisa Smith is a total boss, she's hell-bent on making language learning accessible to everyone, no matter where you're from.

With over $40 million in funding from bigwigs like Google's AI fund and VinaCapital Ventures, ELSA Speak is going all-in on expanding its language offerings and enhancing its AI capabilities.

They've already hit major milestones like scoring over 1 million downloads in the first year, partnering with Samsung to integrate their tech into Bixby, and raking in a $150 million valuation after their Series C round in 2022.

If you're looking to level up your English skills and sound like a native speaker, ELSA Speak is definitely worth checking out.

It's a true innovator in the edtech space, and it's doing Vietnam proud on the global stage.

Alright, so you know about Axie Infinity, the game that's blowing up the blockchain world? This NFT-powered baddie from Sky Mavis is like nothing you've seen before.

It's not just a game; it's a whole new way of living in the digital realm. With over 8 million players worldwide, Axie Infinity is straight-up dominating the scene.

And the best part? You can actually earn real cash just by playing and trading your digital pets, thanks to their mind-blowing "play-to-earn" model.

We're talking about a virtual economy worth over $3.5 billion, all built on blockchain tech and NFTs.

It's like Pokémon met crypto and had a baby that could make you rich.

But that's not all. Axie Infinity is constantly leveling up with new updates and partnerships.

Just recently, they dropped Axie Infinity: Origin, a free-to-play mobile game that's already racked up over 2 million downloads.

And they've been teaming up with top game devs to bring even more fire blockchain experiences to the table.

Experts agree, Axie Infinity is a game-changer that's blurring the lines between virtual and real-world assets.

As Patricia Lee, a blockchain gaming pro, puts it: "Axie Infinity has pioneered a new era of gaming, where players can truly own and profit from their digital experiences." So, if you're not already on the Axie train, it's time to hop on board and start cashing in on this crypto-fueled gaming revolution.

You gotta check out this startup called Logivan! They're shaking up the logistics game in Vietnam with their rad tech. Founded in 2017, these guys are all about streamlining the way stuff gets moved around the country.

Their dope platform connects businesses with a massive network of over 8,500 truckers, making deliveries smooth and cost-effective.

What's really sick about Logivan is their cutting-edge tech.

They've got this proprietary system that optimizes routes, reduces downtime, and cuts costs like a boss. Using data analytics and machine learning, they match shipments with the perfect drivers, ensuring timely and reliable deliveries.

It's no wonder they've raised a whopping $7.85 million from big-time investors!

In 2024, Logivan is gearing up for some major moves. First up, they're expanding their services to other countries in Southeast Asia, capitalizing on the growing demand for efficient logistics solutions.

They're also stepping up their eco-game by introducing sustainable delivery options, like electric vehicles and optimized routes to reduce their carbon footprint.

They're building an all-in-one logistics ecosystem, covering everything from warehousing to last-mile delivery. Talk about a one-stop shop!

With a projected growth rate of over 30% this year, Logivan is cementing its status as a top player in the Vietnamese logistics market.

By constantly innovating and tackling industry challenges head-on, this startup is paving the way for a more efficient and sustainable future in transportation.

Keep an eye on these guys, they're definitely ones to watch!

You know about Earable, that Vietnamese startup? They're totally shaking up healthcare tech with their crazy wearable devices for monitoring your health.

Their latest mind-blowing creation, the EarableAFIB, is a game-changer for detecting atrial fibrillation - that irregular heartbeat issue affecting millions worldwide.

This tiny in-ear gadget packs some serious AI power, continuously tracking vital signs like heart rate, oxygen levels, and body temp. If it senses any funky rhythms, it'll hit you up with alerts about potential AF episodes.

But that's not all - Earable has been killing it from the start.

Remember their EarableNEURO? That epic device can actually detect seizures in real-time for epilepsy patients and alert their loved ones.

Talk about a life-saver! It's no wonder they snagged major awards like the CES 2021 Innovation Award and got featured in TIME's "Best Inventions of 2020." These guys are straight-up pioneers, earning recognition as a World Economic Forum Technology Pioneer in 2022.

With $12 million in funding and a spot in Y Combinator's elite accelerator program, Earable is on a mission to build a futuristic healthcare ecosystem.

Their CEO Elizabeth White said, and I quote,

"Our ultimate aim is to empower individuals to take control of their health, providing personalized insights and actionable recommendations for a healthier, happier life."

That's some next-level stuff, using AI and big data to predict and prevent chronic conditions before they even start.

The tech world is hyped to see what innovative wearable solutions Earable cooks up next.

These guys are seriously ones to watch!

Check this out - Trusting Social is a fintech startup that's been crushing it with their AI-powered credit scoring game.

These guys are on a mission to make financial services accessible to everyone, even those who've been left out by traditional banks and institutions.

Their secret sauce? Leveraging alternative data like social media activity, psychometric tests, and mobile data to create credit profiles for people without a formal financial history.

It's pretty wild - they've already enabled over $800 million in personal loans to more than a million borrowers across Asia, just by giving them a chance.

But that's not all - Trusting Social is constantly innovating and expanding their offerings:

1. Buy Now, Pay Later (BNPL) solution making it easier for consumers to cop their desired goods and pay in installments. Innovation in consumer finance.
2. Teaming up with major banks and financial institutions, helping them level up their credit decisioning processes.
3. Taking their cutting-edge tech to new markets like Indonesia and the Philippines, spreading the financial inclusion love far and wide. Expansion into new territories.

According to industry experts, the global alternative credit scoring market is expected to hit a mind-blowing $8.9 billion by 2029, thanks to the rising demand for financial inclusion and the adoption of AI solutions like Trusting Social's.

With Vietnam's fintech scene booming and Trusting Social's innovative approach, they're well-positioned to snag a massive slice of that pie, changing the game for millions through accessible financial services.

"Trusting Social's innovative credit scoring solutions are bridging the gap between the unbanked and formal financial services, unlocking economic opportunities for millions of underserved individuals and businesses." - Nguyễn Đức Thọ, CEO of Trusting Social

As Trusting Social keeps pushing boundaries and disrupting the fintech space, their impact on financial inclusion and democratizing credit is set to reverberate across Vietnam and beyond.

These guys are definitely ones to watch out for in 2024 and beyond.

Kyber Network is making waves in the world of decentralized finance, and it's a project you need to keep an eye on. As a multi-chain DeFi hub, KyberSwap has processed a staggering $20 billion worth of transactions across 17 different blockchains since its launch.

This innovative platform connects liquidity sources to deliver the best possible rates for traders.

What sets Kyber Network apart is its open and permissionless approach.

The ecosystem is governed by the KyberDAO, where KNC token holders can vote on proposals that shape the platform's future.

With over 100 projects already built on top of KyberSwap, it's clear this project is facilitating some serious growth in the DeFi space.

But Kyber Network isn't resting on its laurels.

According to the team's 2024-2025 roadmap, they're working on some major upgrades.

This includes smart liquidity pool governance, cross-chain swaps, and even exploring Layer 2 scalability solutions. With ambitions like these, industry experts are predicting big things for Kyber Network's future in democratizing finance.

Lozi, the Vietnamese social commerce app, just scored some major cash! They snagged a new round of financing led by Vulpes Investment Management, and it's all about fueling their B2B delivery services for small businesses.

This startup is killing it with their one-hour delivery model and their own logistics network of over 50,000 driver-partners.

A recent report revealed that social commerce platforms like Zalo saw a massive jump in usage from 14% in Q3 to 19% in Q4 of 2023.

Traditional e-commerce sites, on the other hand, took a hit. Looks like the whole 'shoppertainment' trend of blending shopping with entertainment is seriously catching on, especially with younger generations.

Loship, Lozi's hyperlocal delivery service, is leading the charge in food delivery in tier 2 cities across Vietnam.

With over 1 million brick-and-mortar stores planned to go online, they're gearing up for some insane growth. Plus, their B2B platform, Lo-supply, already accounts for 30% of their net profit! Talk about diversifying their game.

Get ready to be mind-blown by TikTok's insane growth in Vietnam! This social media giant has taken the country by storm, with a massive 67.7 million users engaging with the app as of January 2024.

That's nearly 70% of Vietnam's entire population!

But TikTok isn't just about funny videos and dance challenges anymore. It has become a major player in the e-commerce game, with a whopping 92.6% of Vietnamese adults aged 18 and above actively using the app.

Brands are capitalizing on this by partnering with influencers and creating shoppable content that's both entertaining and profitable.

The influencer scene in Vietnam is thriving, with creators like Tran Thanh Tam and Phung Lai raking in millions of followers.

These social media stars are major trendsetters, and their endorsements can make or break a product's success. If you're looking to land a high-paying tech job in Vietnam, like a Mobile Developer role, you might want to brush up on your TikTok game.

But it's not all rainbows and unicorns for TikTok in Vietnam.

The government keeps a close eye on the platform, requesting that TikTok remove content deemed too critical of the authorities.

It's a delicate balance between embracing social media and maintaining control, but that's just how it rolls in some parts of the world.